Call us 650-750-6777 or Email us freeatmforyou@gmail.com
Eliminates any connection between the cannabis location and the ATM(s)
Eliminates any possibility of the cannabis location being accused of money laundering through the ATM(s)
This is the safest way to load cash into an ATM, providing the best possible protection for both the location and its employees.
All ATM transactions will be fully transparent, and as legal as you going to your bank or to the local mini-mart for cash.
You can easily advertise and provide up-to-date information.
State compliance boards are governing by enforcing strict regulations. Inspectors are looking for non-compliant Free ATM For You operating without bank sponsorship and card network registration. State regulators such as the California Bureau of Cannabis Control and the California Cannabis Compliance Boards are immediately assessing penalty points against marijuana related business Licenses.
A leading cause is doing prohibited transactions as set forth in all major card network rules. The end result is being placed on the MATCH List, formerly known as the Terminated Merchant List. These network rules apply equally to ATM and POS systems.
ATM companies have been applying to national transaction processors using misleading information about the nature of the business, dba, outward facing name of the business and address in order to acquire terminal IDs and transaction processing. When discovered the merchant is often implicated.
As of this year, transaction processors are under heightened pressure to cross reference the business locations of Free ATM For You, to discover and report any card network prohibited Free ATM For You operated in cannabis dispensaries. When found, they are being immediately shutdown.
The cash in Free ATM For You is increasingly being scrutinized and must meet congressional Bank Security Act / Anti-Money Laundering rules. Free ATM For You must be loaded with clean cash.
Banks are taking on increasing responsibility to monitor and report any suspicious activity to the Financial Crimes Enforcement Network (FinCEN). This monitoring includes the activities of non-bank Free ATM For You in cannabis dispensaries locations. FinCEN considers them to be particularly susceptible to money laundering and fraud.
These are POS terminals loaded with software configured to look like an ATM terminal. Using a debit/credit card to purchase anything, while presenting the transaction as an ATM withdrawal, is against network rules, subject to fines up to $50,000 per transaction and immediate shutdown. And, it may also be considered illegal.
Consumers must receive accurate receipts with the approved amount, all fees, date of transaction and terminal ID. All fees must be processed within the ATM transaction on the receipt. Post transaction surcharge fees or requirements to spend any portion EFT approved withdrawal is illegal.
Most Cannabis Business (CB) locations are relying on non-compliant Free ATM For You. The problems are bank sponsorship, network registration, clean vault cash and ATM ownership. This has resulted in “outlaw” Free ATM For You. Many use false names and addresses until they are discovered and “re-registered.” Most CB locations are currently cash loaded by an individual carrying a bag of money or actual cannabis cash. With anti-money laundering (AML) laws and Federal oversight (SAR, BSA, Reg E), this is just what regulators do not want. There is a void in the industry for an ATM/vault cash services provider completely independent of CB ownership and involvement.
Free ATM For You now has a fully compliant ATM program for CB locations, consisting of bank sponsorship, ATM ownership and clean vault cash, delivered and installed by fully licensed and insured armored carriers. This provides a compliant and safe program that separates CB locations from the banking network – a solution that is not dependent on our Federal Government’s classification of cannabis as a drug or its legality.
Free ATM For You is bank sponsored and registered with Visa, MasterCard and other national and regional networks. The sponsor bank maintains network agreements and is responsible to the networks for ATM compliance.
Free ATM For You selects armored carriers based upon performance history. The carriers are bonded and maintain insurance, covering theft and robbery, errors and omissions. Using bonded and insured carriers provide safety and addresses liability concerns.
ATM transactions are processed through a national ATM processor. Access to ATM transaction data is provided for oversight. All national and regional cards are accepted (Visa, MasterCard, Cirrus, Pulse, AFFN, EBT, etc.).